Whiting Petroleum Corporation has announced its preliminary 2005 non-acquisition capital budget in the range of $130 to $150 million. The 2005 non-acquisition capital budget represents an approximate increase of 55 to 80 percent over estimated 2004 non-acquisition capital expenditures.
Whiting plans to direct its expected 2005 capital expenditures approximately 50 percent to development of proved reserves and approximately 50 percent to development of other nonproved reserve categories. Whiting expects cash flow from operations during 2005 to exceed its estimated capital spending. Cash flow in excess of the estimated capital spending program will be utilized to reduce debt, acquire properties or fund additional drilling activity. Whiting expects organic production growth of approximately 6 to 10 percent as a result of the 2005 drilling
program. This organic growth rate is calculated as an increase over an annualization of Whiting’s production rate at the beginning of the fourth quarter of 2004 of 177.7 million cubic feet equivalent per day.
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